Stock market today: Nifty 50, Sensex end flat; mid, smallcaps suffer deep cuts; investors lose ₹4 lakh crore in a day

Stock market today: Thanks to gains in shares of select heavyweights, including HDFC Bank, TCS and Reliance Industries, market benchmarks Nifty 50 and Sensex managed to end almost flat while most of their components ended with losses on Tuesday, March 12. 

The domestic market experienced a broad selloff on Tuesday, with large-cap indices managing only marginal gains while the mid and small-cap segments faced deep losses. Most sectoral indices closed in negative territory, reflecting cautious market sentiment, as the domestic market trades at elevated valuations without any fresh triggers.

Global markets were mixed ahead of the US inflation data which will influence the policy move of the US Federal Reserve.

According to Reuters, the US consumer price data may show a monthly increase of 0.4 per cent and 3.1 per cent on an annual basis. 

While investors anticipate at least three interest rate cuts by the Fed this year, most likely starting in June, a stronger-than-expected inflation print may shake market sentiment across the globe.

India's industrial production (IIP) data for January and retail inflation data for February are also expected today. India's consumer price index (CPI)-based retail inflation might come near 5 per cent in February. 

Also Read: Retail inflation, IIP data to come today: Here's what experts expect

Nifty 50 opened at 22,334.45 against the previous close of 22,332.65 and touched its intraday high and low of 22,452.55 and 22,256 respectively, during the session. The index finally closed 3 points up at 22,335.70.

The Sensex opened at 73,516.42 against the previous close of 73,502.64 and touched its intraday high and low of 74,004.16 and 73,342.12 respectively. The 30-share pack index settled 165 points, or 0.22 per cent, higher at 73,667.96 with 22 stocks in the red.

Also Read: Market Close Highlights : Sensex ends up 160pts, Nifty at 22,335; PSB, Realty, Pharma, Health, Metal lose

On the other hand, mid and smallcaps suffered massive losses. The BSE Midcap index fell 1.31 per cent while the Smallcap index cracked 2.11 per cent.

The BSE Smallcap index is down over 5 per cent in March so far, following a loss of about a per cent in February, on concerns over inflated valuations.

Also Read: Euphoria of mid and small caps will consolidate going ahead

Some 161 stocks, including SBI Cards and Payment Services, Sterlite Technologies, Alkyl Amines Chemicals, KRBL and Sumitomo Chemical India, hit their 52-week lows in intraday trade on the BSE today.

The overall market capitalisation of BSE-listed firms dropped to nearly ₹385.6 lakh crore from ₹389.7 lakh crore in the previous session, making investors lose nearly ₹4.1 lakh crore in a single session.

Top Nifty 50 gainers today

Only 13 stocks managed to end in the green in the Nifty 50 today, with shares of HDFC Bank (up 2.31 per cent), LTIMindtree (up 1.80 per cent) and TCS (up 1.75 per cent) as the top gainers.

Top Nifty 50 losers today

Adani Enterprises (down 2.63 per cent), Grasim Industries (down 2.36 per cent) and Cipla (down 2.21 per cent) ended as the top losers among the 37 stocks that closed in the red in the Nifty 50 index.

Also Read: Top Gainers and Losers today on 12 March, 2024: HDFC Bank, Tata Consultancy Services, Adani Enterprises, Cipla among most active stocks; Check full list here

Sectoral indices today

Barring Nifty IT (up 0.64 per cent), Financial Services (up 0.17 per cent) and Private Bank (up 0.04 per cent), all sectoral indices ended in the red.

Nifty Realty index lost 3.71 per cent, ending as the top loser among the sectoral indices. It was followed by the Nifty PSU Bank index which fell 2.57 per cent, Media (down 1.85 per cent), Metal (down 1.73 per cent), Pharma (down 1.27 per cent), Consumer Durables (down 1.11 per cent) and Healthcare (down 1.06 per cent).

Expert's views on markets

"The domestic market witnessed rangebound trading today after the previous day’s sharp profit booking. However, mid and small-cap stocks remained pressured, primarily due to apprehensions regarding inflated valuations. Global sentiment remained mixed as investors awaited key US inflation data, which could offer insights into the Fed's interest rate decisions. Additionally, market participants are anticipating India's inflation figures scheduled for release today, to remain consistent with the previous month, which will be at the middle of RBI's tolerance range," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

"The Nifty 50 experienced a volatile trading session with an ongoing battle between the bulls and bears. The formation of a doji candle suggests indecisiveness at current levels, and a breakout on either side could lead to trending moves. The immediate resistance for Nifty is at 22,500, and a break above this on a closing basis would signal a resumption of the upward movement. Conversely, the immediate support is positioned at 22,200-22,150, and sustaining above this level could witness some recovery in the index," said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

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